g-f(2)3113 Emerging Industries Shaping the Future: McKinsey's Key Arenas

 

genioux Fact post by Fernando Machuca and Copilot

Introduction

The report "The Next Big Arenas of Competition" from McKinsey Global Institute identifies 18 future industries that have the potential to reshape the global economy and generate $29 trillion to $48 trillion in revenues by 2040. These industries, or "arenas," are characterized by high growth and dynamism, capturing a significant share of the economy's expansion and experiencing frequent changes in market share. This report provides valuable insights into the opportunities and challenges presented by these emerging sectors, helping businesses and policymakers navigate the evolving competitive landscape.

genioux GK Nugget

"The emerging industries identified by McKinsey Global Institute hold the potential to transform the global economy, offering vast opportunities for growth and innovation." — Fernando and Copilot, October 27, 2024

genioux Foundational Fact

The report highlights that the identified arenas, such as AI software and services, cybersecurity, future air mobility, drugs for obesity, and robotics, not only offer substantial revenue opportunities but also present strong prospects for new entrants to become significant players. Understanding these key arenas and their potential can help businesses better position themselves to capitalize on future growth opportunities.

The 10 Most Relevant genioux Facts

1. AI Software and Services: AI advancements are revolutionizing various industries, driving efficiency, and creating new business opportunities.
2. Cybersecurity: As digital threats increase, cybersecurity becomes critical for protecting data and infrastructure, leading to significant market growth.
3. Future Air Mobility: Innovations in air travel, including urban air mobility and electric aircraft, are poised to transform transportation.
4. Drugs for Obesity: The development of effective treatments for obesity addresses a major global health issue and offers substantial market potential.
5. Robotics: Robotics technology is advancing rapidly, enhancing automation and efficiency in manufacturing and other sectors.
6. E-commerce: Continued growth in online shopping and digital marketplaces is reshaping retail and consumer behavior.
7. Biopharma: Advances in biotechnology and pharmaceuticals are driving innovation in healthcare and personalized medicine.
8. Electric Vehicles (EVs): The shift towards electric vehicles is accelerating, driven by environmental concerns and technological advancements.
9. Cloud Services: The adoption of cloud computing continues to expand, offering scalable and flexible IT solutions for businesses.
10. Renewable Energy: Investments in renewable energy sources are increasing as the world moves towards sustainable and clean energy solutions.

Conclusion

The report "The Next Big Arenas of Competition" from McKinsey Global Institute underscores the transformative potential of emerging industries in shaping the global economy. By recognizing and understanding these key arenas, businesses, and policymakers can better navigate the competitive landscape, capitalize on growth opportunities, and drive innovation. As these industries continue to evolve, they will play a pivotal role in the future of the global economy, offering vast opportunities for growth and innovation.

REFERENCES

The g-f GK Context

Chris Bradley, Michael Chui, Kevin Russell, Kweilin Ellingrud, Michael Birshan, and Suhayl Chettih, The next big arenas of competition, McKinsey, McKinsey Global Institute, Report, October 23, 2024.

ABOUT THE AUTHORS

Chris Bradley is a McKinsey senior partner in the Sydney office and a director of the McKinsey Global Institute (MGI). Michael Chui is a QuantumBlack senior fellow in the Bay Area office. Kevin Russell is an MGI senior fellow based in the Charlotte office. Kweilin Ellingrud is an MGI director based in Minneapolis. Michael Birshan is a member of the MGI Council and a senior partner based in London. Suhayl Chettih is a consultant based in New York.

This article was edited by senior editor Max Berley with data visualizations by Chuck Burke.

Classical Summary of the Report

The report "The Next Big Arenas of Competition" from McKinsey Global Institute identifies 18 future industries that have the potential to reshape the global economy and generate $29 trillion to $48 trillion in revenues by 2040. These "arenas" are characterized by their high growth and dynamism, capturing a significant share of the economy's expansion and experiencing frequent changes in market share.

The identified arenas include diverse sectors such as AI software and services, cybersecurity, future air mobility, drugs for obesity, and robotics. The report highlights that these industries not only offer substantial revenue opportunities but also present strong prospects for new entrants to become significant players.

The report also examines 12 current arenas that have shown remarkable growth and dynamism from 2005 to 2020, such as e-commerce, biopharma, electric vehicles, and cloud services. These industries have outperformed others in terms of revenue growth and market capitalization, underscoring the importance of staying ahead in these competitive fields.

By understanding these key arenas and their potential, businesses can better position themselves to capitalize on future growth opportunities and navigate the evolving competitive landscape.

Chris Bradley

By Copilot

Chris Bradley is a Senior Partner at McKinsey & Company, where he has built a distinguished career in advising clients on strategy, growth, and organizational transformation. Based in the Sydney office, Chris is also a Director of the McKinsey Global Institute (MGI), McKinsey's business and economics research arm.

With extensive experience in corporate strategy, Chris has worked with top executives and boards across a wide range of industries, including energy, natural resources, and industrials. His expertise lies in helping organizations navigate complex business environments and drive sustainable growth. He is particularly passionate about assisting talented executives in their roles and has co-led McKinsey's research on CEO excellence.

Chris is a thought leader in competitive strategy and has contributed to numerous influential publications. His insights have helped shape the strategic direction of many global companies, enabling them to achieve their long-term objectives.

He holds an MBA from Harvard Business School and a BA in Philosophy, Politics, and Economics from the University of Oxford. Chris's educational background, combined with his extensive industry experience, positions him as a leading expert in strategic management and organizational transformation.

Michael Chui

By Copilot

Michael Chui is a Partner at McKinsey & Company and a Director of the McKinsey Global Institute (MGI), where he leads research on the impact of disruptive technologies, including artificial intelligence, automation, and digital transformation, on business and society.

Michael is renowned for his expertise in AI and technology. He has authored numerous reports and articles on these subjects, exploring their implications for industries and economies worldwide. His work often focuses on how businesses can leverage emerging technologies to drive innovation, efficiency, and competitive advantage.

Before joining McKinsey, Michael earned his Ph.D. in Computer Science and Master’s degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT). He also holds a Bachelor’s degree in Electrical Engineering from Princeton University.

Michael's insights are frequently sought by global media outlets, and he is a regular speaker at major conferences and industry events. His research and thought leadership have made significant contributions to understanding the opportunities and challenges posed by technological advancements.

Throughout his career, Michael has been dedicated to helping businesses and policymakers navigate the complex landscape of technology and innovation. His work continues to influence strategic decisions and shape the future of industries across the globe.

Kevin Russell

By Copilot

Kevin Russell is a Senior Fellow at the McKinsey Global Institute (MGI) and a Partner at McKinsey & Company. Based in the Charlotte office, Kevin specializes in digital transformation and has extensive experience helping clients leverage technology to drive growth and innovation.

Kevin's work spans various industries, including financial services, healthcare, and telecommunications. He has led numerous projects focused on improving operational efficiency, enhancing customer experience, and driving digital strategy. His expertise in digital transformation has made him a valuable advisor to many global companies.

Before joining McKinsey, Kevin earned a Bachelor's degree in Computer Science from the Massachusetts Institute of Technology (MIT) and an MBA from Harvard Business School. His educational background, combined with his industry experience, positions him as a leading expert in leveraging technology for business success.

Kevin is passionate about helping organizations navigate the complexities of the digital age and achieve sustainable growth. His insights and thought leadership have contributed significantly to the field of digital transformation and have helped shape the strategies of many leading companies.

Kweilin Ellingrud

By Copilot

Kweilin Ellingrud is a distinguished Senior Partner at McKinsey & Company and serves as the Director of the McKinsey Global Institute (MGI). She is based in the Minneapolis office and has built a remarkable career focused on economic and business trends, digital transformation, and diversity and inclusion.

Kweilin is renowned for her expertise in redesigning operating models to increase operational efficiency and effectiveness through process redesign, digital, and analytics. She leads McKinsey's Diversity and Inclusion efforts globally, working to promote gender equality, racial equity, and the future of work. Her work has significantly contributed to advancing these crucial areas within organizations around the world.

Before her tenure at McKinsey, Kweilin earned her Bachelor's degree in Economics and Political Science from Harvard University and her MBA from Harvard Business School. Her academic background, combined with her extensive experience in consulting, positions her as a leading authority in her field.

Kweilin has been instrumental in leading several high-impact research projects on topics such as gender diversity, economic impact, and business performance. Her insights are widely recognized and have been featured in numerous influential publications and reports. She is also a frequent speaker at global conferences, sharing her knowledge and advocating for inclusive growth and innovation.

Her dedication to fostering a more equitable and efficient business environment has made her a valuable advisor to many global companies and a respected thought leader in the consulting industry.

Michael Birshan

By Copilot

Michael Birshan is a Senior Partner at McKinsey & Company and the Global Co-leader of the Strategy & Corporate Finance Practice. Based in the London office, Michael has established himself as a leading expert in corporate and business strategy, with a particular emphasis on the energy, materials, and industrial sectors.

Michael partners with bold and determined leaders to set strategy, transform organizations, and deliver sustainable value. He has extensive experience in advising companies at the board and executive committee levels, helping them navigate complex business environments and achieve long-term success.

Michael is passionate about helping executives succeed in their roles, and he has co-led McKinsey's research on CEO excellence. His thought leadership has been instrumental in shaping the strategic direction of numerous global companies, enabling them to build distinctive capabilities and maintain a competitive edge.

Before joining McKinsey, Michael earned his MBA with High Distinction from Harvard Business School and a BA in Philosophy, Politics, and Economics from the University of Oxford. His educational background, combined with his practical experience, positions him as a leading authority in strategic management and organizational transformation.

Throughout his career, Michael has been dedicated to helping organizations adapt to rapid change, drive innovation, and create lasting impact. His insights and expertise continue to influence strategic decisions and drive growth in various industries.

Suhayl Chettih

By Copilot

Suhayl Chettih is an Engagement Manager at McKinsey & Company, based in New York. He specializes in advising clients on strategy, operations, and digital transformation. Suhayl has a strong background in helping organizations navigate complex business challenges and drive sustainable growth.

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